I am going to show you a zoomed-out hourly chart of the SPY, dating back to early-March of this year. My point is to give you a visual for the scenario that I described in my opening post this morning. Simply put, the SPY gave up the entire cup-and-handle bullish breakout we early last month, and then some. What we are looking to see is whether the bulls can recapture that breakout point. If price continues to churn here and struggles, it will turn into resistance and presage a deeper correction than what we have seen so far.
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i dont think too many will take notice to this level since the breakout for most is the 1371
139.3 looks as better res imo
Disagree. 1390’s was initial support but this is bigger one.
I think we have a date with 133 ish, Feb gap to fill and pretty close to a 5% retracement.Personally would like to see it happen sooner rather than later, not unhealthy, uptrend still intact at that level. My very humble opinion.
I could see that.
amen… the worst is yet to come… I would like to see support at ~ 132… we will see…
buying into some SLW PAL EGO and AG here just out of boredom